Highlights

  • Boundiali gold resource rises 19% to 3.84 million ounces, with indicated resources increasing 37% to 2.33 million ounces at 1.0 g/t.
  • Infill drilling converted 0.62 million ounces from inferred to indicated at BST1, BMT1 and BMT3, directly supporting ore reserve conversion.
  • Maiden BMT2 estimate adds 4.4Mt at 0.9 g/t for 130,000 ounces, making it the seventh Boundiali deposit with a resource.
  • About 2.0 million ounces grade above 1.7 g/t at a 1.0 g/t cut-off, supporting the economic case for the definitive feasibility study.

Building indicated ounces is not just a resource bookkeeping exercise — it is the precondition for ore reserves, and ore reserves are what feasibility studies are built on. Aurum Resources (ASX:AUE) has released a resource update for its Boundiali gold project in northern Côte d'Ivoire that does exactly that: indicated ounces up 37%, a new deposit added, and a definitive feasibility study on track for late 2026.

The New Estimate

Boundiali now hosts 125.1 million tonnes at 1.0 gram per tonne gold for 3.84 million ounces, up 19% from the April 2026 estimate of 3.22 million ounces. Indicated resources rose 37% to 2.33 million ounces from 71.5 million tonnes at 1.0 g/t, while inferred resources fell a modest 1% to 1.50 million ounces at 0.9 g/t. The small decline in inferred ounces reflects category upgrades rather than lost mineralisation. Infill drilling at BST1, BMT1 and BMT3 converted 0.62 million ounces from inferred to indicated. A maiden estimate at BMT2 added 4.4 million tonnes at 0.9 g/t for 130,000 ounces — the seventh Boundiali deposit with a resource. BDT2 remains the project's largest deposit at 1.02 million ounces, followed by BST1 at 820,000 ounces and BMT3 at 810,000 ounces.

Within the total resource, about 2.0 million ounces grade above 1.7 g/t at a 1.0 g/t cut-off. The estimate was prepared by SLR Consulting to JORC 2012 standards using drilling completed to 30 September. All deposits remain open along strike and at depth.

Why Indicated Ounces Drive the Feasibility Study

Under JORC, inferred resources cannot support ore reserve declarations, so a feasibility study's mine plan draws mainly on measured and indicated material. Managing director Dr Caigen Wang described the upgraded indicated base as 'another step change at our Boundiali Gold Project'. Boundiali's maiden probable ore reserve of 42.1 million tonnes at 0.9 g/t for 1.21 million ounces, released in June 2026 and based on the April resource, will be updated within the feasibility study. The enlarged indicated base gives Aurum more material to evaluate for reserve conversion, though conversion will depend on pit designs, costs, recoveries and the gold price assumption used.

Timeline, Funding and Risk

Environmental approval was granted in May 2026 and the prefeasibility study was delivered in June. Mining licence applications are still progressing. Aurum targets first gold in the first half of 2028, following the feasibility study and a final investment decision. The timeline depends on the feasibility outcome, project financing, licence grant and construction progressing as planned. Boundiali is a low-grade, bulk-tonnage system, making economics sensitive to operating costs and processing performance.

Aurum reported unaudited cash of more than A$95 million at 30 September 2026 and owns and operates 16 diamond rigs. More than 291,000 metres have been drilled at Boundiali since October 2023. Including the 1.16 million-ounce Napié project held through Mako Gold, the group resource totals approximately 5.0 million ounces.